Real L-ascorbic acid, in a waterless base. Same logic as BeautyStat: no water means the vitamin C is far more stable than it would be in a conventional serum.
Ferulic acid is in here for a reason. The famous research behind vitamin C serums — the Duke work that underpins SkinCeuticals C E Ferulic — found that vitamin C, vitamin E, and ferulic acid together are more protective than vitamin C alone, and that ferulic acid stabilizes the vitamin C. Farmacy is following a real recipe, not inventing one.
Alpha-arbutin adds a second, independently evidenced brightening mechanism aimed at dark spots.