Squalene has a similar composition to earwax but in liquid form. When it is sprayed into the ear, it collides with the wax and softens it.
Mineral oil then lubricates the ear and removes the softened ear wax, while spearmint oil warms the ear canal and provides a pleasant odour.
It's spray mechanism provides deep penetration into the earwax layers, while avoiding the risk of perforation due to its equalised pressure and dispersion.