The azelaic acid is actually dissolved, not suspended — and that is the whole point. No grit, no pilling, no white cast. It sidesteps The Ordinary's main flaw without Paula's Choice's price.
Real azelaic acid at 10%, not a derivative.
Colloidal oatmeal is in the formula — an FDA-recognised skin protectant, and a sensible thing to pair with an ingredient that stings.
A 15% version also exists, which is closer to the strength the actual research used.