Beast Companion

If you use an action to speak the command word and throw the figurine to a point on the ground within 60 feet of you, the figurine becomes your chosen beast companion. If the space where the creature would appear is occupied by other creatures or objects, or if there isn't enough space for the creature, the figurine doesn't become a creature. 

The companion can be turned back into a figurine using the same command word. If the companion has been reduced to 0 hit points, it will become stable and does not have to make death saving throws.