You've got the idea.
The "<" is the mathematical symbol for "less than"
The Lower Detection Limit (LDL) of the test you described was 0.04 ng/mL...so you are exactly right that the actual PSA value was somewhere between the unobtainable value of "zero" and 0.04 ng/mL.
The test method used simply cannot detect levels of PSA below the LDL.
A "standard" PSA test checks down to 0.1 ng/mL. There are a variety of "ultra-sensitive" PSA tests which have various lower detection limits; most commonly 0.03 ng/mL.