I know this is their fifth reformulation. I'm not really sure why they keep doing that to be honest. I did find a breakdown in the ingredients compared to the last formula.Current Ingredients:Water, Glycerin, Propanediol, 1,2-Hexanediol, Niacinamide, Yeast Ferment Extract, Diethoxyethyl Succinate, Bifida Ferment Lysate, Sodium PCA, Butylene Glycol, Ethylhexylglycerin, Adenosine, Xanthan Gum, Ceramide NP, Hydrogenated LecithinPrevious 4th gen version ingredients:Yeast Ferment Extract, 1,2-Hexanediol, Niacianmide, Bifida Ferment Lysate, Oryza Sativa Extract(Rice), Pearl powder, Water, Diethoxyethyl Succinate, Propanediol, Sodium PCA, Ethylhexylglycerin, Adenosine, Polyaquaternium-51, Butylene Glycol, Vinegar, Glycerin, Ceramide Np, Cholesterol, Hydrogenated Lecithin, Xanthan Gum.Keep in mind that the above is the ingredients according to the website. Oddly enough the ingredients on the box don't list the water, glycerin, propanediol and they actually have the other ingredients in a slightly different order. It does make it kind of hard to know which to trust. I've attached a photo of the box and a screenshot from the missha US website. Nice product but their transparency is really lacking, especially since they keep reformulating.
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