The receipt of a $2.9M R&D tax credit, with an additional $0.8M expected, provides Cyclacel Pharmaceuticals with significant non-dilutive capital. This financial boost is likely to positively impact the company's ability to continue its research and development efforts, particularly in the development of precision medicine for oncology. The news is directly related to Cyclacel's financial health and its ongoing projects, making it highly relevant and important for investors. The positive nature of this financial support suggests a likely positive short-term impact on CYCC's stock price.

While the direct impact of the R&D tax credit is more closely related to Cyclacel Pharmaceuticals' operational funding and research capabilities, preferred shares (CYCCP) could also see a positive impact. This is because the financial health and potential for successful development outcomes of the company can indirectly influence the attractiveness and perceived value of its preferred shares. However, the relevance and importance are slightly lower than for the common stock (CYCC) as the direct benefits are not as immediate.