Toceranib phosphate is primarily used in veterinary medicine for the treatment of certain types of cancer in dogs, particularly mast cell tumors. It functions as a tyrosine kinase inhibitor, targeting specific receptors involved in tumor growth, angiogenesis, and metastasis. By inhibiting these pathways, it helps to control tumor progression and reduce symptoms associated with cancer. It is especially effective in cases where surgical removal is not feasible or as part of a comprehensive treatment plan including other therapies. The drug is administered orally and offers a targeted approach with potentially fewer side effects compared to traditional chemotherapy agents.