Used as an intermediate in organic synthesis, particularly in the preparation of heterocyclic compounds. It serves as a building block for pharmaceuticals and agrochemicals due to its hydrazide functionality, which can undergo condensation reactions to form azoles and other nitrogen-containing rings. Also employed in the development of coordination compounds with metal ions, useful in catalysis and material science. Its rigid cyclobutane ring with a phenyl substituent adds steric and electronic properties that influence the reactivity and stability of derived products.