Honestly the worst thing about this equation isn't the fact that they had poor typesetting, it was that they used decorative constants. The ε and φ values they chose just cancel out. The equation is equivalent to (xᵢ - mᵢ) / mᵢ.
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Here's a better article that isn't as uncritically sensationalist.
https://arstechnica.com/science/2025/04/de-extinction-company-announces-that-the-dire-wolf-is-back/
tl;dr is that it's basically just a gray wolf with 14 edited genes, most of which are from natural gray wolf populations rather than dire wolf genomes. The result is a gray wolf that's visually similar to a dire wolf, not a dire wolf.