I think there is little or no difference since the main ingredient is the spironolactone. However, caffeine shold be a mild antinadrogen, whereas adenosine sholud be a growing stimulant similar to minoxidil, but I seriously doubt these 2 substances could have any serious effect on Androgenetic Alopecia. As for the useless tocopheryl acetate, the adding of caffeine and adenosine seems to me just a marketing strategy for the naive customer.
At the moment I am using both of them, the day formula with caffeine in the morning and the noght formula in the evining as suggested.
I used to apply the old formula with retin-a and it always caused me scalp irritation and shedding.
I cannot comment about the efficacy of topical spironolactone, and I hope someone can write here his pesonal feedback about this product.
Finally, I do not think spironolactone cream alone would suffice to block androgen receptors, but may be in combination with ru and/or other topical products it can produce some results.