2024 YR4 first got the attention of astronomers on December 30, when the impact risk was estimated at about a tenth of the current estimate, but already warranted a 1 rating on the Torino Scale. The increase above 1% now means a Torino Scale 3 rating.
However, it's worth pointing out that as additional observations help to reduce the uncertainty of orbit calculations, the chance of impact usually increases first before dropping down to zero. This is because as the area of uncertainty around the calculated closest approach decreases, the Earth's cross-section stays constant, so the ratio of the two increases - that is until Earth is still inside the uncertainty area. So if say the predicted closest approach is X but with an uncertainty of 10X, then a reduction of the uncertainty to 5X will increase the impact risk roughly by a factor of 4.
Another interesting thing about this object is that if it misses Earth, it will still have a decent chance to hit the Moon, due to the alignment of the three bodies at the time (though obviously a much lower chance due to the Moon having 1/13.5 the cross section of the Earth).