The cited sources address each ingredient separately; direct combination evidence is missing here.
Two independent, complementary anti-pigment mechanisms — tranexamic acid blocks the plasmin-mediated signal that lets UV exposure drive melanocytes to overproduce pigment, while retinoic acid speeds epidermal turnover and disperses melanosomes out of keratinocytes faster — but the combination itself has not been tested in a clinical trial; each mechanism is separately established, the pairing is not.