Since $X$ is affine, we have $\mathscr{O}(X) = K[x,y]/(y^2-x^2-x^3)$. The map $f^\ast \colon K[x,y]/(y^2-x^2-x^3) \rightarrow K[t] $ is defined by $f^\ast(x) = t^2-1$ and $f^\ast(y) = t(t^2-1)$. Hence for any $p(x,y) \in K[x,y]/(y^2-x^2-x^3)$ we have $$f^\ast p(t) = p\left(t^2-1, t(t^2-1) \right) = p(0,0) + (t^2-1)q(t)$$ In particular, $f^\ast p(t) \in S$ and we will show that $f^\ast\colon \mathscr{O}(X)\rightarrow S$ is an isomorphism.
By the first isomorphism theorem we only have to prove that the image of $f^\ast$ is $S$
Let $p(t) \in S$. By the division algorithm $p(t) = p_1(t)(t^2-1) + b_0$. As $p_1(t) = p_2(t)(t^2-1) +a_1t+b_1$ we have $$ p(t) = p_2(t)(t^2-1)^2 +(a_1t+b_1)(t^2-1) +b_0 $$ Iterating this process we show that $p(t) = q\left(t^2-1, t(t^2-1) \right)$ hence $p(t)$ is the image of (the class of) $q(x,y)$.