This device uses a DHT11 barometer.
First, edit the firmware configuration:
sudo nano /boot/firmware/config.txt
At the very end, amend the following line. Don't forget to replace the GPIO with your own:
dtoverlay=dht11,gpiopin=4
Finally, reboot the device to activate the changes.
To read the temperature, simply run:
cat /sys/bus/iio/devices/iio:device0/in_temp_input
To read the humidity, simply run:
cat /sys/bus/iio/devices/iio\:device0/in_humidityrelative_input
Divide the result by 1000 to get the correct results.
If you are experiencing timeout errors, check the wiring and the pin number.
If you are experiencing I/O errors try running a firmware upgrade:
sudo rpi-update
sudo reboot now
Credits to @peppe9o and his guide.