Working on a report and finally put two and two together

No. Hypothesis just means hypothesis. Hypothetical is the adjective form of hypothesis.

I thought it was hypothetical analysis

Midnight means middle of the night..

It's not a contraction. "Hypothetical" is the adj for "hypoTHESIS" (as guest already explained). A hypothesis is just a thesis with the prefix "hypo" (meaning lesser). It's an inferior (or to be technical, undeveloped) thesis.