Used as a key intermediate in the synthesis of spirocyclic compounds with potential biological activity, particularly in the development of anticancer and antimicrobial agents. Its spirocyclic framework is valuable in medicinal chemistry for designing molecules that can interact with complex biological targets. Also employed in the preparation of fluorescent probes due to its conjugated structure and hydroxyl groups, which enhance photophysical properties. Additionally, it serves as a building block in the creation of novel organic materials for optoelectronic applications.