The Hyper III was a low-cost test vehicle for an advanced lifting-body shape. Like the earlier M2-F1, it was a "homebuilt" research aircraft, i.e., built at the Flight Research Center (FRC), later redesignated the Dryden Flight Research Center. It had a steel-tube frame covered with Dacron, a fiberglass nose, sheet aluminum fins, and a wing from an HP-11 sailplane. Construction was by volunteers at the FRC. Although the Hyper III was to be flown remotely in its initial tests, it was fitted with a cockpit for a pilot. On the Hyper III's only flight, it was towed aloft attached to a Navy SH-3 helicopter by a 400-foot cable. NASA research pilot Bruce Peterson flew the SH-3. After he released the Hyper III from the cable, NASA research pilot Milt Thompson flew the vehicle by radio control until the final approach when Dick Fischer took over control using a model-airplane radio-control box. The Hyper III flared, then landed and slid to a stop on Rogers Dry Lakebed.

After the grounding of the M2-F1 in 1966, it was kept in outside storage on the Dryden complex. After several years, its fabric and plywood structure was damaged by the sun and weather. Restoration of the vehicle began in February 1994 under the leadership of NASA retiree Dick Fischer, with other retirees who had originally worked on the M2-F1's construction and flight research three decades before also participating. The photo shows the now-restored M2-F1 returning to the site of its flight research, now called the Dryden Flight Research Center, on 22 August 1997.

The Hyper III was a full-scale lifting-body remotely piloted research vehicle (RPRV) built at what was then the NASA Flight Research Center located at Edwards Air Force Base in Southern California.