From Demi Moore to Emilia Pérez, here are the biggest snubs and surprises from the 97th Academy Awards. More from The Hollywood Reporter Demi Moore's Daughters "So Beyond Proud" of Oscar Nominee After

Hosted by Conan O’Brien and broadcast live on ABC and Hulu, the ceremony’s Best Actress category has emerged as a nail-biter. Demi Moore (The Substance) and Mikey Madison (Anora) lead the pack, but the race remains fluid as voters weigh career-defining narratives against breakout potential.

It's rare for a movie like "The Substance" to break into the Oscars race. Written and directed by French filmmaker Coralie Fargeat, the film is an intense, satirical and violent body horror thriller about insecurity and the pressures of the unrealistic beauty standards that society forces onto women both when they are young and when they are older.